Oil Swings Near $62 as Investors Assess Near-Term Demand Outlook
Bloomberg 1 hr ago Elizabeth Low
(Bloomberg) Oil swung between gains and losses as investors assessed the outlook for demand ahead of a key OPEC+ meeting later this week.
Futures in New York traded near $62 a barrel after advancing 1.2% on Friday, the most in more than a week. The U.S. and China are recovering strongly from the pandemic and there are some positive signs from Europe, but the market is facing headwinds from a virus flare-up in India. That could pose a problem for the OPEC+ alliance, which has agreed to start adding more supply from May.
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About Lambert Strether
Readers, I have had a correspondent characterize my views as realistic cynical. Let me briefly explain them. I believe in universal programs that provide concrete material benefits, especially to the working class. Medicare for All is the prime example, but tuition-free college and a Post Office Bank also fall under this heading. So do a Jobs Guarantee and a Debt Jubilee. Clearly, neither liberal Democrats nor conservative Republicans can deliver on such programs, because the two are different flavors of neoliberalism (“Because markets”). I don’t much care about the “ism” that delivers the benefits, although whichever one does have to put common humanity first, as opposed to markets. Could be a second FDR saving capitalism, democratic socialism leashing and collaring it, or communism razing it. I don’t much care, as long as the benefits are delivered.
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